How to create Wealth

Q&A: Dependable traders for forex trading?

Query by Shahnawaz M: Reliable traders for foreign exchange trading?
Hi I am interested in on the internet forex trading.Some internet sites appear abit ‘shadey’ where can i uncover dependable reviews of distinct trading platforms and companies? any reputable web site? and other resources?

Best solution:

Solution by blunderbussAs an amateur foreign exchange trader, I am here to tell you that most foreign exchange brokers are
most likely “industry makers” and they continually play “counterparty” to thetrades of their clients (i.e., you and me). That means they will continually
trade against you in the hopes of triggering your stoploss and forcing you and me
(and hordes of other nameless traders) into a Shedding position. So when you dive
into the foreign exchange industry, all of the brokers, even respectable ones, will perform towards you.

I use GFT and I go through forexfactory.com, the place brokers such as Alpari, FXCM andOanda are routinely mentioned. They offer back links so that you can discover out which
ones have met the reserve specifications required to operate in the US.

9 thoughts on “Q&A: Dependable traders for forex trading?”

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus. There is no website where many players make money.

Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347” is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347” gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

do not belive any site that promise you over night rich. forex trading is not a quick scheme reach. in fact, you need to learn this skill and i tell you it TAKES TIME. ok to find a reliable site you can go directly to forex trading company site like FXDD.com, FXCM.com or FOREX.com. before you decide to join them, check their legality to confirm that they are a reliable forex brokers and to prevent yourself from a Victim of Investment Fraud. all legal forex broker are regulated by independent body that regulate and oversee forex trading industry. you can check wether or not your forex broker is regulated by visiting NFA website at : http://www.nfa.futures.org/

Check out my free e-book The Forex Lifestyle, it has loads of resources, some brokers to look over, trading tips, etc. I personally use the MetaTrader 4 software, which is very good, and FXDD in New York is my broker. They have great free training webinars and good spreads.

The best and most popular trading platform is Metatrader 4/ MT4. MT4 software is the best trading software to learn with.

You need to find a website that covers all the topics of forex trading, the website should provide a step by step introduction guide to forex basics all the way to technical analysis, money management and other forex trading concepts

The site should also provide a wide variety of trading resources, the most important being the economic calendar

You are right in the sense that some of them are ‘shadey’ but that doesnt mean that there are not very good and reputable brokers out there.

Here are some recommendations for finding a good one.
1. Check where the broker is regulated and that they are indeed regulated (European, US + Australasia regulators are typically good)
2. Check the conditions are OK… either very low spreads and commission or low spreads and no commission.
3. IMO you want to find an STP or ECN broker… this means that your trade is passed on to a third party broker for processing – and they take a commission or profit from each trade. This eliminates any conflict of interest that exists between you and your broker (the other type, which is Market Maker actually profit from your losses, or lose when you profit)
4. You may also want to consider the general reputation of the company you will be dealing with, which can be found on forums or review sites.

For more information you might want to check out the forums of Babypips and Forex Factory, which will give you a great insight into this.

Try ElectroFX.com for some Free Forex Education videos to get you started and see if it is for before spending any money. If you find out that it is something you want to pursue then just make sure you don’t go risking real money until you are ready.

The MT4 platform is popular due to all of the custom made tools that can be run.

Read more about all the aspects of a successful trading plan at the ElectroFX.com Blog